Cowen delivers some good news for the quick-service restaurant sector with its forecast that ground beef prices could fall 10% to 15% between 2018 and 2020.

The investment firm warns that promotional pressure due to competition could pull at margins from the other direction.

Cowen's top two QSR picks are Jack in The Box (NASDAQ:JACK) and Yum Brands (NYSE:YUM), according to Bloomberg. McDonald's (NYSE:MCD), Wendy's (NYSE:WEN) and Sonic (NASDAQ:SONC) also stand to benefit from a drop in ground beef prices.

McDonald's (NYSE:MCD) is looking to raise $1B-$2B with the sale of its China and Hong Kong stores after the U.S. fast-food chain decided to keep "a significant minority stake in the business," Reuters reports.

The company picked a consortium led by Carlyle Group (NASDAQ:CG) and Chinese conglomerate Citic Group to buy the outlets, but its decision lowered the price tag for the stores from an expected $3B.

Voters in Arizona, Colorado and Maine voters approved boosting the minimum wage in their states to $12 per hour. Each state will see the hikes make their way to the $12 level after a series of graduated increases.

The state of Washington approved increasing the minimum wage to $13.50 by 2020.

The restaurant industry has already been under pressure, with labor costs as a percentage of sales on the rise. Other pockets of retail will also feel a sting from the higher minimum wage boost.

McDonald's (MCD-0.3%) says it stopped developing the Create Your Taste customization platform in the U.S. The customization concept was rather controversial with franchisee operators not keen on the operational end of the plan.

The company is moving in the direction of expanding the Taste Crafted concept started in 2015 (also called Signature Crafted recipes). Available in beef or chicken sandwiches, the Taste Crafted menu includes Signature Buffalo Bacon, Pico Guacamole, Maple Bacon Dijon and Deluxe flavor options as well as three different bun varieties.

Taste Crafted is only available at select California locations so far.